OCC News: OCC Assesses Civil Money Penalty Against Wachovia


		NR 2010-30

	FOR IMMEDIATE RELEASE March 17, 2010	Contact: Kevin M. Mukri (202) 874-5770

	OCC Assesses Civil Money Penalty Against Wachovia WASHINGTON — The Office of the Comptroller of the Currency announced today a $50 million Civil Money Penalty and a Cease and Desist Order against Wachovia Bank, N.A. for violations of the Bank Secrecy Act as part of a coordinated action with the Department of Justice, the Financial Crimes Enforcement Center and other federal agencies. Wachovia also entered into a deferred prosecution agreement with the U.S. Attorney’s Office in the Southern District of Florida and the Asset Forfeiture and Money Laundering Section of the Criminal Division of the Department of Justice and agreed to forfeit $110 million to the United States. The Financial Crimes Enforcement Network assessed a $110 million Civil Money Penalty that is deemed satisfied by the forfeiture to the U.S. government. Related Links: U.S. Department of Justice News Release (http://www.occ.gov/ftp/release/2010-30a.pdf) Consent Cease and Desist Order (http://www.occ.gov/ftp/release/2010-30b.pdf) Consent Order for a Civil Money Penalty (http://www.occ.gov/ftp/release/2010-30c.pdf) # # #

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The Office of the Comptroller of the Currency was created by Congress to charter national banks, to oversee a nationwide system of banking institutions, and to assure that national banks are safe and sound, competitive and profitable, and capable of serving the banking needs of their customers in the best possible manner. OCC press releases and other information are available at http://www.occ.gov. To receive OCC press releases and issuances by email, subscribe at http://www.occ.gov/listserv.htm.